Standard Chartered Cuts XRP Price Target by 65%... Could It Still Surge 91% by Year-End?

▲ XRP (XRP)/AI-generated image ©

UK investment banking giant Standard Chartered has slashed its year-end price target for XRP by a staggering 65% amid the sharp downturn in the cryptocurrency market, yet it still expects an explosive rally that would nearly double its current price.

According to cryptocurrency media outlet Finbold on February 17 (local time), Standard Chartered, which manages $800 billion in assets, recently lowered its year-end XRP target from $8 to $2.80 in a letter to investors. Geoffrey Kendrick, Head of Digital Assets Research, explained that recent price action in cryptocurrencies has been highly challenging and that further short-term declines are expected, prompting the bank to revise down its outlook for the entire asset class.

XRP, which began the year at $1.84, has plunged 20.93% in just a month and a half, enduring a turbulent period. Given this steep decline, Standard Chartered’s decision to withdraw its previously overwhelming optimism appears to be a natural concession to the market’s prevailing bearish trend.

Despite the shocking 65% cut, however, Standard Chartered maintains a surprisingly bullish stance on XRP. Considering that the token is currently trading around $1.45, the newly proposed year-end target of $2.80 implies a remarkable upside potential of approximately 91%.

This downward adjustment has also been applied to market leader Bitcoin (BTC). Standard Chartered lowered its year-end Bitcoin target from the initially projected $150,000 to $100,000, bringing expectations for the broader market closer to reality.

Bitcoin is currently struggling around $67,946, down 22.27% since the start of the year. Nevertheless, despite the reduced target, the revised forecast of $100,000 reflects the bank’s firm belief that Bitcoin could still climb 45% from current levels by the end of the year.

Disclaimer: This article is for investment reference purposes only, and no responsibility is assumed for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.